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Iran optimistic on OPEC deal after meeting Algerian minister

Reuters  |  DUBAI 

(Reuters) - is optimistic can reach a deal on limiting supplies and plans to announce its own decision about any output curbs at the group's meeting next week, Iranian Minister Bijan Zanganeh said on the ministry's official website SHANA.

"The proposal of Algerian Energy Minister (Nouredine Bouterfa) on the production of each country was presented today and carefully studied," Zanganeh was quoted as saying on Saturday after meeting Bouterfa in Tehran.

Bouterfa said Algeria's proposals called for 1.1 million barrels per day (bpd) in cuts by members and decreases totalling 600,000 bpd by non-members, SHANA reported.

"If members ... agree, prices will reach $50 to $55 next year and $60 by the end of the year," Bouterfa was quoted as saying.

The Organization of the Petroleum Exporting Countries is moving closer toward finalising its first deal to limit output since 2008 but has been a stumbling block because it wants exemptions as it tries to regain market share following the easing of Western sanctions in January.

"We are to present our views about this proposal at the ... Nov. 30 meeting," Zanganeh said. "The general trend and public statements suggest that can reach a viable agreement for its production and market management."

"If we can agree, and I am optimistic, (oil) prices will increase and this is also what the world economy demands."

(Reporting by newsroom; editing by David Clarke)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Iran optimistic on OPEC deal after meeting Algerian minister

DUBAI (Reuters) - Iran is optimistic OPEC can reach a deal on limiting oil supplies and plans to announce its own decision about any output curbs at the group's meeting next week, Iranian Oil Minister Bijan Zanganeh said on the ministry's official website SHANA.

(Reuters) - is optimistic can reach a deal on limiting supplies and plans to announce its own decision about any output curbs at the group's meeting next week, Iranian Minister Bijan Zanganeh said on the ministry's official website SHANA.

"The proposal of Algerian Energy Minister (Nouredine Bouterfa) on the production of each country was presented today and carefully studied," Zanganeh was quoted as saying on Saturday after meeting Bouterfa in Tehran.

Bouterfa said Algeria's proposals called for 1.1 million barrels per day (bpd) in cuts by members and decreases totalling 600,000 bpd by non-members, SHANA reported.

"If members ... agree, prices will reach $50 to $55 next year and $60 by the end of the year," Bouterfa was quoted as saying.

The Organization of the Petroleum Exporting Countries is moving closer toward finalising its first deal to limit output since 2008 but has been a stumbling block because it wants exemptions as it tries to regain market share following the easing of Western sanctions in January.

"We are to present our views about this proposal at the ... Nov. 30 meeting," Zanganeh said. "The general trend and public statements suggest that can reach a viable agreement for its production and market management."

"If we can agree, and I am optimistic, (oil) prices will increase and this is also what the world economy demands."

(Reporting by newsroom; editing by David Clarke)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
177 22

Iran optimistic on OPEC deal after meeting Algerian minister

(Reuters) - is optimistic can reach a deal on limiting supplies and plans to announce its own decision about any output curbs at the group's meeting next week, Iranian Minister Bijan Zanganeh said on the ministry's official website SHANA.

"The proposal of Algerian Energy Minister (Nouredine Bouterfa) on the production of each country was presented today and carefully studied," Zanganeh was quoted as saying on Saturday after meeting Bouterfa in Tehran.

Bouterfa said Algeria's proposals called for 1.1 million barrels per day (bpd) in cuts by members and decreases totalling 600,000 bpd by non-members, SHANA reported.

"If members ... agree, prices will reach $50 to $55 next year and $60 by the end of the year," Bouterfa was quoted as saying.

The Organization of the Petroleum Exporting Countries is moving closer toward finalising its first deal to limit output since 2008 but has been a stumbling block because it wants exemptions as it tries to regain market share following the easing of Western sanctions in January.

"We are to present our views about this proposal at the ... Nov. 30 meeting," Zanganeh said. "The general trend and public statements suggest that can reach a viable agreement for its production and market management."

"If we can agree, and I am optimistic, (oil) prices will increase and this is also what the world economy demands."

(Reporting by newsroom; editing by David Clarke)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22